Новости

Restructuring of foreign currency loans may take longer

Not long ago we informed on the Central Bank’s new project on loan restructuring: the problem today mostly affects those who took loans nominated in foreign currency and now has to return much more than it was planned.

Most major challenges of global SMP at the moment

According to the recent global survey of the International Federation of Accountants (IFAC), two most major challenges of 2014 for small and medium audit companies around the world became compliance with regulations and attraction of new clients.

IPSASB getting its standards in line with IFRSs

The International Public Sector Accounting Standards Board (IPSASB) has finished its annual project of improvements to IPSASs which take into account corresponding recent changes in IFRSs.

GAAP-IFRS.COM Digest: 19-23 January 2015

Euro may depreciate

The European Central Bank may potentially provide indirect assistance to Russian rouble, helping it to appreciate at least in respect to euro. The situation with the European currency today is uncertain with the ECB launching quantitative easing program: this implies printing money somewhat similarly to the way this was done in 2008. As a result, euro may depreciate, hitting the European economy – and helping the Russian one, although to what extent, is a doubtful question.

How Russian banks will be punished for unwillingness to work through the NCPS

The National Card Payment System (NCPS) made a decision to fine banks if they chose not to process internal Russian traffic through it. This was made clear in a letter which informed on the order to provide operating services and payment clearing. The document was sent across banks this month, and credit institutions are now aware.

Resolving the economic crisis in Russia will cost trillions

Yesterday Putin more or less approved the official anti-crisis plan (officially – “The plan to ensure stable development and social stability in 2015”) which was developed by the Ministry for Economic Development and was considered at the recent meeting of the prime-minister Medvedev.

FASB amends tax accounting as part of its simplification initiative

The Financial Accounting Standards Board (FASB) today presented new improvements to US GAAP as part of its larger initiative to simplify the accounting practice. This time the American regulator is proposing to eliminate an exemption which does not allow recognition of current and deferred tax consequences of inter-entity asset transfer until those assets are sold to another organization. Soon the standard will demand recognition of tax consequences the moment an asset transfer takes place.

IAASB amends two more standards to improve audit of special purpose financial statements

The International Auditing and Assurance Standards Board (IAASB) today published new amendments to two international auditing standards which regulate audit of so-called “special purpose financial statements”. The first one is called ISA 800 “The Auditor’s Report on Special Purpose Audit Engagements”, the second is ISA 805 “Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement”.

Deposit Insurance Fund may run out of money

As of the beginning of January money in possession of the Deposit Insurance Fund of Russia was slightly less than 80 billion roubles. The data was presented by “Vedomosti” with a reference to the Deposit Insurance Agency. If reserves on payments on already materialized insurance events are deducted, the value will be even lower – 65.4 billion roubles.